These days, there are scores of artists, startups and entertainment companies—as well as ordinary NFT holders—who are parlaying non-fungible tokens into commercialized intellectual property.
Case in point: the Bored Ape Yacht Club NFT collection.
Santa Monica-based Universal Music Group, one of the world’s largest record labels, has created a “metaverse group” consisting of four Bored Apes, while crypto exchange Coinbase is using the simian blockchain darlings as characters for an upcoming film trilogy. Talent agencies like WME and United Talent Agency, meanwhile, have added Bored Apes and other NFT characters to their client rosters.
These creative works are possible because blockchain firms have attached broad commercialization rights to NFTs, which are unique digital assets verified using blockchain technology. Granting those rights could boost the value of NFT collections by making them more culturally relevant, according to experts, though it remains to be seen whether such projects can appeal to audiences beyond NFT adopters.
A lot of legal questions remain, too, as "Austin Powers" actor and producer Seth Green just learned the hard way. Green is developing a hybrid live-action/animated comedy called “White Horse Tavern,” in which the creator’s own Bored Ape comes to life as a friendly neighborhood bartender. The project was almost sabotaged last month when a scammer duped Green in an online phishing scheme—stealing four of his NFTs. Since Bored Ape NFTs come with a license to commercialize the art, Green may have momentarily lost the rights to produce the show (Fred has since returned home safely). The drama turned Green into a poster child for how sketchy the world of NFTs can still be—the “Wild West” of digital assets, as some observers have put it.
This week, dot.LA reporter Christian Hetrick looked into the phenomenon, and the coming slate of NFT entertainment experiments.
Here’s What Happened in LA’s Entertainment Tech World This Week 🍿
After an internal probe, Activision is disputing that “there was ever a systemic issue with harassment, discrimination or retaliation” at the company.
Where traditional investors may not see opportunity, fintech startup Creative Juices is willing to cut checks to Youtube, TikTok and Snap creators, among others.
Kippo and Magic Eden are teaming up to help users expand their horizons by selling NFT “land” within the app.
Los Angeles Lakers legend Earvin “Magic” Johnson has just bought two new sports franchises—in the metaverse.
E3 could be headed toward a face-off next year as it fights to remain the dominant gaming show in town.
Microsoft took an unexpected step toward sanctioning a unionized workforce Monday.
After laying off a third of its workforce, Wave Sports and Entertainment is left with 110 employees.
Social Media 📱
Snap Inc. is internally testing Snapchat Plus, a paid subscription that would give the app a new revenue stream.
Social video platform Triller has ditched its plans to go public through a reverse merger.
Lime is piloting a new electric motorbike in Long Beach.
Santa Ana-based Overair is looking to take its six-seater Butterfly prototype to the skies in the second half of 2023.
After pushing the original January 2022 delivery date for its R1S to the summer, Rivian just informed its customers of another production delay.
Venture Capital 💰
Agtech companies raised a record $3.2 billion in the third quarter of 2021, spurred by climate change concerns and the pandemic.
Invoca, a Santa Barbara-based AI software platform that analyzes customer service calls for sales and marketing teams, is now a unicorn.
Metropolis raised $167 million for its automated parking payment technology
While private capital funding has slowed down in 2022 overall, SaaS-focused startups continue to raise money.
Kairos Ventures’ new $58 million fund has already invested in 27 early-stage life science startups.
🎧 Listen Up
On this episode of the Office Hours podcast, host Spencer Rascoff talks with Miami Mayor Francis Suarez on how he built a tech hub in Miami.
Suneera Madhani left her old job and started her fintech company, Stax – an industry in which she is one of few female CEOs.
JLL Spark’s Laurent Grill said there’s more to proptech than just renting space, including developing smart buildings, new construction techniques and tenant experience platforms.
SpaceX fired at least five employees for criticizing CEO Elon Musk in an open letter.
Meet Techstars LA's latest cohort of startups, which spanned from ecommerce to quantum computing, with a heavy emphasis on data collection.
Like what you see? Get the day's tech and startup news from L.A. delivered to your inbox; sign up for our daily newsletter in the preferences below 👇